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that we do need long term -- deficit reduction -- that is important to america's credibility. it is important for america's economy and economic growth. that plan has to be balanced, and that means significant revenues and that paying has to go around. that means the wealthy and well- off have to pay their fair share as well. these should not be new issues. they are ones that were debated. they came up in every debate -- even the foreign policy debate. the american people are on the side of the president and democrats who are making this case. that is not to say that there should not be spending as part as this debate. there has been over $1 trillion in spending cuts. that is a part of this debate that gets lost. just because washington has a short memory does not mean we should all have one and that there has already been sacrifice on behalf of the american people through those domestic discretionary cuts. we are excited. c.a.p. has been a lot of work on the fiscal cliff. we have talked about medicare savings that can improve and strengthen the program and address rising nat
tonight in deficit reduction efforts. it's a path that is sure to lead to many obstacles from the other side. chief white house correspondent ed henry has the new developments in a time sensitive story. >> in a dramatic move today, president obama seemed to be trying to split the budget talks to two pieces. suggesting he and lawmakers come up with spending cuts next year after they avoid the fiscal cliff, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put revenue on the table. but it's time for the president and democrats to get serious about the spending problem that our country has. >> the president's move came one day after two other big developments, suggesting democrats
to the deficit, they say, and it needs to be part of the deficit. the opposing view of durban says social security is not in a crisis. back to our question for our viewers. how would you fix your school system? david in kansas, an educator, republican line. caller: i just want to say i am an educator. i'm not republican. i would make education a completely free market good. i would get rid of compulsory school attendance. --would get rid of taxation a i think you need a wall that separates the government and education, just like we have a separation between government and religion. host: ok. june in wisconsin, independent. caller: hi. you know, the baby boomers got the last excellent, well-rounded public-school education. it was based on the basics -- proper english, writing. for whatever reason, somebody decided -- and i saw a teacher wrote an article on why we have to write all these rules in english, such as "i before e" in english. i thought, are you kidding me? for some reason somebody said, "whatever you think it is, and johnny." it's ridiculous. there's nothing wrong with people un
? >> well, first of all, i do believe the middle class has a stake and a good, solid balanced, deficit reduction plan. the plan should be what the president campaigned on, namely balance. that means we've got to have a substantial contribution from revenues. the revenues have to come from the folks who have been making good money during the recession. that's folks over $250,000 or some number close to. that the pentagon's got to make a contribution and if there is anything on healthcare, it's gotta be about reforming it, bringing the costs down, not cutting benefits. >> eliot: let's drill down a couple of pieces of this. what do you think the underlying ratio should be between cost cutting and revenue generation. last summer it was 10 to 1 in terms of cutting costs to revenue. thankfully the deal didn't get done. should it be one-to-one? where would you like to see this happen? >> you know, i actually don't know that number because i think the question is i think we need about a trillion and a half from revenues and the
player in the deficit talks. >> i am really worried we have a probability we could go over the cliff, and that would be catastrophic. not to go over the cliff, we have to compromise, have to have revenue. the problems are real, the solutions are painful, no easy way out. the only way you can do this ifs to have a balanced approach and that is where people are headed. connell: matt welch is here. what do you make of all this, matt? >> there is nobody at the table actually interested in cutting the size of the government. that seems strange to democrats who think we're living in some sort of mythical age of austerity. we had a really good shot. george w. bush used the hell out of spending four years. i don't think john boehner is ultimately interested in it. talkiig $110 billion, the smudge of potential cuts and they're negotiating it away without any entitlement. dagen: are we past the point with no return? will we become even more of a nation centered around our government that does not promote private business? will anybody ever fix this? >> we will fix it. everything is ultimately
on the table a proposal that reduces the deficit by $4 trillion, that does so in a balanced way, that includes substantial cuts to discretionary non-defense spending, over $1 trillion, it includes revenue and includes $340 billion in savings from our health care entitlement programs. >> fairly unequivocal, isn't it? it's a mixture of pretty substantial spending cuts and tax increases. >> we haven't seen the plan. i haven't seen the plan. i don't think the speaker -- >> are you accusing the president of lying? is the president lying? >> where is the plan? >> is he lying? >> i don't think the plan's out there. i think jay carney might be but i don't see the plan. maybe they have a plan. >> jay carney is lying and he's the white house spokesman. >> no. >> they're lying, are they? >> i'm not saying that. piers, maybe they've got -- >> you just did. you just called him a liar. >> they haven't shared the plan with the american people. paul ryan and the republicans in congress have passed twice now and last year -- excuse me, two years ago as well, a ten year plan for a budget that deals with the ten
clout with congress. the goal: a sweeping deficit agreement to avert $650 billion in spending cuts and tax increases at the start of 2013. from the white house came word that president obama will try to build public pressure on congress to raise taxes on the wealthy and prevent tax hikes for everyone else. white house spokesman jay carney. >> well, the president believes very strongly that the american people matter in this debate. because this debate is about them. the question of whether or not taxes go up on 98% of american tax payers is a very important to ordinary americans. it is not just a matter for discussion between the president and the senate minority leader. or other congressional leaders. >> brown: to that end the president met privately today with small business owners. on friday he'll travel to the philadelphia area to speak further on the issue. not to be outdone, house republicans said they'll meet with small business owners and workers in their districts arguing against the president's plan. in the senate republican my ontario leader mitch mcconnell dismissed the
. let's face it. it's a revenue problem. by definition, a deficit exists because you spend too much, and the president who is the leader of the country, you know, claims that the problem can all be solved by adding more revenue, which seems to me, a fundamental problem because you can keep adding money to the problem, but if the growth grows at such an exponential rate, you don't stop it. nevermind the deficit, you'll never come close to tackling the debt if there's not leadership from the white house on this issue. >> reporter: steven, you covered the issues, and you have for a very long time with distinction. at some point, it seems we're on a carosel of complaints and empirical evidence that does not change and the argument does not change. that is, we have a trillion dollar problem in terms of the deficit, a $16 trillion problem in terms of the debt, and we've got two parties that for all the world are acting as though we think we got 300 million americans in the country too dumb to understand what they've got to do. the only people who don't seem to get it are the republicans a
social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is no longer taking in enough in taxes to cover the benefits it pays out. social security makes up the difference by cashing in special treasury bonds it holds in its trust fund. but conservatives point out the money to redeem those bonds comes from taxpayers. >> it is money that is coming out of general revenue that is going into social security that reduces the amount of revenue that is available for everything from aircraft carriers and roads to environmental issues. >> reporter: legally, social security is off-budget, meaning its cash flow is not considered part of the budget deficit. and defenders argue the money used to pay off the special treasury bonds in the social security trust fund are no different than the money owed to any other bond holder. >> we're using social security as a piggy bank to deal with the problems in t
when people first signed that pledge, the federal budget deficit was $220 billion. this year, $1.1 trillion, how can you say nothing has changed? >> lots have changed. bush focused not on spending. the pledge only does certain things. the pledge makes tax increases more difficult at the state level, at the national level. you haven't had a republican vote for income tax since 1990 when bush threw away his presidency. 1993 tax increase, only on democratic votes. then no tax increases until 2009 when obama came in and raised taxes with obamacare. >> isn't this -- you are having republican is take a difficult pledge to cut taxes, isn't that like a quarterback saying they like taxes? >> it's a pledge not to increase taxes. people say why don't you toughen it. you don't want to change it because it is a simple guardrail. it doesn't solve the world's problems, it says no net tax increase. >> in your mind when someone signs it, how long are they committed to it? >> in writing when the person signs it as long as you are a congressman or senator. >> you are signing this for life? >> unles
the deadlines we're facing on taxes and deficits. these deadlines are going to be coming up very soon in the coming weeks. but today's important because i want to make sure everybody understands this debate is not just about numbers. it's a set of major decisions that are going to affect millions of families all across this country in very significant ways. and their voices, the voices of the american people, have to be part of this debate. and so i asked some friends of mine here to join me, some folks from here in the area. our ultimate goal is an agreement that gets our long-term deficit under control in a way that is fair and balanced. that kind of agreement would be good for our businesses, it would be good for our economy, it would be good for our children's future. and i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but -- the place where we already have in theory at least complete agreement, right now, is on middle-class taxes. and as i've said before, we have two choices. if congre
on growing our economy and reducing the deficit. we head to the white house after the break to get details. dave: could the fiscal cliff be a good thing? bill harris of personal capital and former ceo of into it and pay pal might think so. find out why when he joins us in studio. but d#: 1-800-345-2550 this morning, i'm going to tre in hong kong. tdd#: 1-800-345-2550 after that, it'sn to germany. tdd#: 1-800-345-2550 then0 miles away in japa tdd#: 1-800-345-2550 with the new obal account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in tal control becausi can trade tdtd: 1-800-345-2550 dictly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-25 their equity ratings show me how schwab td: 1-800-345-2550 rates ecific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, momentum and risk. tdd#: 1-800-345-2550 and i also have access to independent tdd#: 1-800-345-2550 firms like ned davis researc
that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put forward a plan. >> the white house and republicans are ramping up their pr, something significant is happening behind the scenes. both sides appear to be preparing their own basis to eat their vegetables, if you will. in other words, get ready to make some sacrifices on sacred cows that are required for a grand bargain. for republicans that means swallowing changes to the bush-era tax rates and yesterday the first major house republican broke with the party line in a private meeting with the house republican whip team which is responsible for counting the conference's votes. oklahoma congressman tom cole said it's time to immediately extend the bush-era tax cuts which, of course, is what obama is calling for, for households earning less than $250,000 a year. then he later told "the new york times," quote, the first thing i'd do is make sure we don't raise taxes on 98% of the american people. we'll get some credit for that, and it'
on eliminating waste, increasing efficiency, decreasing the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate
the city needs, this is not going to solve the city's deficit problems because the deficit problems are endemic. the start of the federal government. it starts with a policy of war. does not come from cabdrivers. what you are doing would have little effect of the budget robin; it will have a devastating effect on those people. i know this will not have no effect on director heinicke, but i will hope that the rest of you will take about this change your mind about what you have already decided to do. thank you very much. [indiscernible] >> hi i am barry [indiscernible] i don't have a whole lot to say because i have already been saying it, and people have been saying the same thing. cabdrivers are some of the lowest paid people here; they may have busy nights, the ones who work the good shifts might make some money but the others have to work this slow shifts; they make around 25,000 here, they stay in the business hoping to get a medallion, and what you guys are doing is taking the money that a career cabdrivers look forward to, they don't get any benefits, they don't get empl
to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and the nasdaq all trading lower. speaking of that, a new round of violent protests break out in egypt as police fired teargas into the crowds. here are some of those scenes. >> unbelievable. more than 100,000 people flooded into downtown cairo. this time they are protesting the current president martha maccallum and his power grab. they are disillusioned with what he has brought to their country. then you have this happening. police firing teargas. gypt's highest courts refusing to work in protest of morsi's actions. steve harrigan is streaming live from cairo. the protests looked like the unrest we saw in that same square back in 2009 and the arab
over the next ten years. that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make sure, for example, that we spare families making $250,000 a year or less from any income tax increase, then this idea that we're going to go into the tax code and find $1.6 trillion over ten years becomes almost impossible. we need to protect those middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in hi
said the deficit and the state of american society. that is exactly right. you can look at questions of the budget and questions of infrastructure and immigration policy but above all education policy because this is the future and we are not talking about physical infrastructure but human infrastructure and joel is someone who has dedicated the most recent phase of his multi phase currier to this and when he is not discovering the best restaurants in brooklyn he is focused on improving a lot of young people in this country. so let me tell you how condi is dedicated to this issue. year-and-a-half i called her up and asked her to do something for me and with me. she said i'm too -- don't even go there. we have bet on many football games. before the end of this conversation you are going to agree to what is going to happen and she said no way. we at the council of foreign relations spend our time working on things like china, mexico, all the judicial foreign policy issues and we've moved our agenda and increasingly focusing on things domestic and what we want to do is a report on educa
no problem. medicaid no problem. i don't know, one trillion deficit no problem. >> markets are falli ining dean. take a look. i don't understand this. attitude. i'm not hearing it from the president. no, first of all, interest rates are low because we have had a weak economy. as far as the debt goes, listen to dean, i'm sure that he believes that the only real problem phafacing the country a the capitol gains. i think we do have a debt problem i think we have a big debt problem. the numbers in the 20s, 30s, look horrifying and we have a huge job and growth problem. i don't understand how taking dividends from 15-43 creates jobs that closes that. >> i don't see spending cuts. it won't matter. the economy collapsed and the housing bubble collapsed. make them pay zero taxes. the search goes inside out. none of it finds that it will create any of those jobs. the government has no choice. >> that is quite an experiment. that you are willing to run with 1 or 2%. from 15 to 25. we are going to taking it from 15 to 30. >> we have been there. >> you are taking the rate on capital which we have the
rate will necessarily go up. we talk about debt and deficit in this chamber, if we remember less than 12 years ago, 12 years ago we hit a budgetary surplus of $258 billion. meaning that we were taking in $258 billion more in each year than we were spending. how was that possible? it was made possible by having created 22 million private sector jobs in the previous eight years. . what was the policy then? the policy was to invest in the american economy, in the american people, in education, in scientific research, and infrastructure. so i think the lessons from our most recent past are very instructive today as to what we should be doing in washington to promote growth. the gentleman from california spoke of a plan i was working on, that's a $1.2 trillion investment in rebuilding the roads and bridges of america. that plan, advanced by the new america foundation, would create 27 million private sector jobs in five years. the first year alone, over five million jobs which would reduce the current employment rate from where it is today to 6.4% and in the second year, 5.2%. now public in
cut the budget, if we cut the deficit and raise taxes, i don't think that's the worst thing in the world. as warren buffett has been saying for the last 24 hours, are you really going to turn down a good investment opportunity just because the tax rates are a little higher in we're talking about a minor 4 percentage point increase in the upper end of the tax rate here. it's not life or death. you know, cutting the deficit and raising taxes, if they can't agree, which congress has shown themselves inability to agree. if they're not going to agree, maybe it's not the worst thing in the world for tax rates to go up and for the deficit to be cut. i think that could result in a big economic boom. >> wow. >> and then, let's say two weeks after we go over the cliff, after the 1st of january, they then cut attacks for everybody -- >> but here's the problem with that notion. it's not fine. but, john, it's not fine because a lot of ordinary middle class people -- >> that's the problem. >> -- are trying to spend money at christmas and they're deeply anxious about what's going to happen
, michelle, why is this such a crisis? we're going to have about $.5 trillion in deficits in 2013. is that a crisis? for god's sake, we're finally doing something to address our debt and deficits. that should be great news. i'll tell you why gold might be down today. why is the market rallying when gold, oil, and copper are down? the only tentity borrowing all this money is the government. that's why gold is going down. guess what? don't worry about it. they're going to punt on this like they have every other time. >> are you as pessimistic? are they going to punt? what do you do? >> in the short-term, you have to be careful. these are unknowable things. it's a very fluid situation, as you identified. somebody gives us some happy talk. this market goes straight up. i think gold is giving perhaps a false signal there won't be qe-4. i believe there will be. it's just a matter of time. this is going to take time to implement. we're not going to put all these changes in place january 1. there's no grand bargain out there that's going to cover all these things at once. it's going to be
it will reduce the deficit. not because it's good for the economy. he has a totally noneconomic reason for it and he's serious, we'll tell you what it is next. >> new at 10, warren buffett who has been begging the government to raise taxes on rich people like himself, well, instead of writing a check, he says, we should tax the rich because it will, quote, raise thh morale in the middle glass. he's serious. and all raising taxes on the wealthy may do, the big story of the day, president obama's campaign, holding more meetings on the fiscal cliff instead of real talks with politicians who have to decide this thing. and going on the road and selling the campaign harry reid says no cuts, democrats have cut spending and entitlements already. >> remember, we've already done more and billion dollars worth of cuts and we've already done that and we need to get credit for at that and these negotiations that take place. >> and the president's position, no more cuts, we're talking about it all with this company. sandra smith is here, and charles payne and as always on the floor of the new york
that medicare and medicaid are the main drivers of our deficit. and i know we have seen this morning also several editorial writers indicate the same, that it is important that we put these drivers of the deficit on the table and include them as part of any agreement to avoid the fiscal cliff. as the speaker said, we have done our part. we have put revenues on the table, something that we didn't do two years ago during the debt ceiling negotiation. we still believe that it is most important for us to address the economic situation in this country where so many people are out of work. and that's why we take the position and believe strongly that increasing marginal rates is income tax rates is not the way to produce growth and to put people back to work. but we have not seen any good faith effort on the part of this administration to talk about the real problem that we're trying to fix. i'm told that mr. bowles, as some of us will meet with him later today, had said earlier this morning that it's been no serious discussion by the white house on entitlements, on medicare and medicaid. this
by which additional deficit reduction over a ten-year period would occur. and that process was after the trillion dollars was whacked off -- which it already has be been -- that a super committee of six from the house and six from the senate would deliberate and a majority vote of that committee of 12 could determine additional deficit reduction that would apply over the next ten years. and to give a little incentive for that super committee not to deadlock, the process of sequestration was set up which, in effect, was this meat cleaver that in a nondiscriminate way was going to drop a meat ax approach of another half trillion out of defense and a half trillion out of non-defense discretionary, which nobody wanted. and of which was never contemplated that it was going to go into effect, because the effects were going to be so onerous that surely people of goodwill could come together on a 12-member committee and not deadlock but instead at least one would provide the majority, even if it were only 7-5 out of the 12, because the alternative was so unpalatable. and, of course, we know
approach to reducing the nation's deficit. let's bring in our panel. mary katharine ham editor-at-large of hot air.com and fox news contributor. peter mirijanian former advisor to the clinton-gore and gore-lieberman campaigns. when the president arrives at the white house to speak, he will have people behind him, ordinary americans who reached out to the white house and want their $2,000 middle class tax cut preserved. republicans are saying this is essentially a campaign stunt, a campaign appearance kind of event of the he won the election. he should get on the business of governing. what do you say? >> well, one quick observation, jon. i think what you're seeing, what i think is interesting the first social media presidency. this administration using technology and using social media to advance their agenda. but look, all presidents do this. george w. bush after his re-election famously said he has now the political capital he intend to use. so going to the public and going sort of over the head of congress is something democratic and republican presidents always do what they
to the voters that mitt romney did not. obviously, mitt romney had a huge deficit with african-american voters, hispanic voters and women voters, so i think these potential candidates are trying to map it out. >> david corn, when george w. bush ran, he got such a quick surge in the polls that no one was able to stop him. is jeb bush that guy this time? is he the one that if he makes it clear he's running, others will decide not to? >> you know, i still wonder if two words come to mind. too soon. i mean, the george w. bush presidency is still not held in high esteem amongst many voters who still blame bush for the economic downturn at the end of his administration that has carried us to this day. jeb bush has the ability to talk to hispanic, more moderate, but i also wonder if you know, people will be a little tired of the bush dynasty come to 2016. >> well, they're too tired of it now, but 2016 is a few years away. thank you both for joining me tonight. >>> coming up, good news for democrats trying to keep control of the senate in 2014 and one republican whose strategy for dealing with latino
we should have a balanced approach to deficit reduction that doesn't hurt the economy or hurt middle class families. glad to see if you have been reading the pains more and more republicans in congress are agreeing with this idea we should have a balanced approach. >>shepard: he referenced some in the g.o.p. who signal they could be willing to play bull. the republican leadership still is insisting they will not consider tax hikes. >> republicans are willing to put revenue on the table the it is time for the president and democrats to get serious on the spending problem our country has. >>shepard: president obama continues the p.r. blitz. later today he is scheduled to meet with big business leaders to discuss the proposed fix to the fiscal cliff. ed henry is live with us at the white house. what seem it is to be lost in this is the tax cuts going to expire. that's it. if they want to extend them on some, they can. but he will not allow it on people who make more. what part of this is confusing? >>reporter: a lot of other pieces that are confusing because no one wants to come to the
and be on the group with a group of bipartisan business leaders and deficit hawks getting something done, meeting with republicans and democrats. do you have any more optimism let me point out you and your pal erskine bowles, he was quoted as saying he's more pessimistic something will be accomplished. >> my poor dear partner, bloodied but unvowed, six months ago erskine was saying i think we can get there. now, he's pessimistic. would be a word. we were just with a group go big or go home, democrats and republicans alike, they've got signatures of over 200 -- 102 house members, half of the senate working for us, equally divided on both sides, you have to have something bipartisan. you can write it on a single sheet of paper if it had firewalls and triggers, and if it were just signed by an equal number of democrats and republicans, the markets would lay off of us. if they continue to see this dead-head struggling, the same old stuff, they're going to punish us. when they do the guy that will get hurt is the little guy, middle class, inflation, interest rates, that's who gets hammered. what an ir
interest deduction cap from a million dollars to $500,000 say it will help cut the deficit, keep interest rates low, and that could help the housing market all by itself. dean reynolds, cbs news, chicago. >> u.n. ambassador susan rice returns to capitol hill today her meeting with lawmakers yesterday to discuss her explanation of the attack on the u.s. consulate in libya didn't go over very well. she met with three republican senators strongly opposed to her possible nomination to be secretary of state. they were not satisfied with her explanation. >> all i can tell you is that the concerns that i have are greater today than they were before and we're not even close to getting the basic answer. >> following the benghazi attack rice said the assault grew out of a protest and not a terrorist attack. yesterday she said that was incorrect. that there was no protest or demonstration in benghazi. >>> overseas now in egypt the largest crowd yet have turned out to demonstrate against president morsi's declaration of wide ranging new powers. hundreds of thousands of protesters in cairo's tahrir sq
as republicans have been trying to do since 2005 when we passed the deficit reduction act. >> let me jump to that, because part of the intriguing thing here is the fact that congressman cole, he is doing something that the president said, that post election news conference and that is, you know, extend the tax cut for everyone, but the wealthy, and then, you know, after you get that done, and i don't know if you would be going along with that, but nevertheless, you know, go ahead, talk about this long-term deal that would involve possible cuts as i think you're getting at, you know, cuts to programs like medicare. is that something we could see taking shape here? >> you're talking about getting rid of redundancies. great example, 342 economic development programs that are in the federal government system. let's start cleaning up these redundancies. let's do some of these across the board cuts in discretionary spending. let's make certain that medicare and social security, which are trust funds, not entitlements, they're trust funds, that they meet their obligation to our seniors and near seniors.
the country, of course the loss of the stimulus money when i came in we had a big deficit we had to overcome. having to get deeper into that whole would not be good for the economy. liz: thank you for joining us rea.we like our governors of evy state. he is an independent. if so many defense jobs. our governors on the edge week. utah governor in another fox business exclusive. they have a very low unemployment rate unlike rhode island, but he says it will be impacted if d.c. cannot reach an greement. the closing bell ringing in about 47 minutes. would you do business in a dangerous area if you thought the risk might bring huge rewards? libya wants business in a huge way. we're not just talking about oil rigs and pipelines, but also massive infrastructure projects, roads, schools, you name it. part of the royal libyan family. he is back in his job is to sell libya on u.s. companies. find out what he thinks there is a big payoff for american businnss. a fox business exclusive. having you ship my gifts couldn't beasier. well, having a t olocations doesn't hurt. and a santa to boot! [ chuckles
deficits close to 4% to 5% over the next decade and that's cbo forecasts. if that occurs, you're talk about the debt getting more and more out of control. because the u.s. is the global reserve council, it's reliant on global reserve investment. >> just want to make sure that people have enough treasuries to trade. that's all it's about, charles. isn't that very generous? >> it is very generous. but left unaddressed, the fiscal problem is beginning to be a problem. but equally they don't want the full hit at this stage. so it is a matter of coming to some compromise, so you are going to have to see some kind of adjustment on the taxation side. that is what everyone is hopeful for. but it's still a political game. >> and we've been burned before. let's recap in the meantime a couple of developments in europe overnight. the european commission is expected to approve the restructuring plans of spags's na -- spain's national lenders today. a token price of -- yes -- one euro. the valencia-based lank was one of four to be nationalized in the past 12 months. and hundreds of greek workers marched
deficit right now. it is the bridge to renewable energy, renewable energy will take a long time. if we can move to gas we get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy but we have not been able to act on these things even though i said earlier there is wide bipartisan -- >> thank you. let me just try to poke holes in this. if we rollback time to just before the financial crisis you look at the u.s. deposition. douglas holtz-eakin was out there talking about that already. and john mccain and others have been but it is much worse today but if you look at the deck in a different way, look at private sector debt, the fact, forget government debt. before the financial crisis private-sector debt was 160% of gdp in the united states and despite averaging, back to 160% of gdp we are still in crisis mode, you had structural corruption between regulators and financial institutions and any place in the economy and a private sector event that led to a government response
on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so we can invest in training, education, science, and research. now, i know some of this may sound familiar to you because we talked a lot about this during the campaign. this shouldn't be a surprise to anybody. this was a major debate in the presidential campaign and in congressional campaigns all across the country and a clear majority of americans, not just democrats but also a lot of republicans and a lot of independents agreed we should have a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. and i'm glad to see, if you've been reading the papers lately, that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. the senate's already passed a bill that keeps income taxes from going up
debtor deficit spending, or where spending cuts of any type might come or how we are going to address the larger issue: we all know that tax hikes on the rich ain't going to get it down. progressive groups reportedly held a private meeting with senior obama administration white house officials. according to the "washington post" the groups were told not to worry about any entitlement reforms or big budget cuts. the so-called safety net programs according to them are not going to be touched and the progressive groups walked away feeling very happy. the report say the white house feels it does not need to compromise, period and is willing to let the big tax hike happen on everybody. the big tax hike is what everybody will face not just the rich or the middle class. they think they'll be in a better position to negotiate with the g.o.p. after that happens. chris stirewalt joins me, host of power play on foxnews.com. >> i was a little frightened, i thought something i, really bad was happening instead of the standard badness. megyn: that is terrifying. [laughter] back down to business, t
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